Updated Dec 4, 2024
People's Bank Provides $5.45M Acquisition Loan For 416 South 15th Street Industrial Property In Millville
416 South 15th Street
$8,445,000
$126/SF
Building Size
66,530 SF
Asset Type
Industrial
Closing
Nov 26, 2024
About this deal
AI
An industrial property located at 416 South 15th Street in Millville has been successfully acquired. The asset encompasses 66,530 square feet and involves a total loan amount of $5,445,000, supplemented by a line of credit totaling $3,000,000. The acquisition financing offered to the borrower achieves a notable financing rate of 90%.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $5,445,000
- Line of Credit: $3,000,000
- Loan Type: Acquisition
- Lender: People's Bank
- Brokers: Eli Serebrowski & Meir Schlusselberg - Meridian Capital Group
- Market: Millville
- Square Footage: 66,530
Meridian Capital Group represented the borrower in this transaction, showcasing their capacity to deliver tailored financing solutions for complex dealings. Eli Serebrowski and Meir Schlusselberg are the key brokers involved in facilitating this loan arrangement.
On the Map
$8,445,000
$126/SF
Industrial
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Players
Millville Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.88%
Cash-on-Cash
-0.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93